City of Milwaukee - File #: 121673

• File #: 121673
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 3/21/2013
• In control: COMMON COUNCIL
• Final action: 4/9/2013
• Title: Resolution authorizing the First Amendment to the East Library Purchase, Sale and Development Agreement with HSI East Library Residential, LLC for the East Library redevelopment project at 1910 East North Avenue, in the 3rd Aldermanic District.
• Sponsors: ALD. KOVAC, ALD. HAMILTON, ALD. COGGS
• Indexes: AGREEMENTS, LIBRARIES, MILWAUKEE PUBLIC LIBRARY

Date	Ver.	Action By	Action	Result	Tally
4/18/2013	0	MAYOR	SIGNED
4/9/2013	0	COMMON COUNCIL	ADOPTED	Pass	15:0
3/27/2013	0	PUBLIC WORKS COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: Elaine Miller, Department of City Development Ald. Nik Kovac, 3rd District Taj Schoening, Milwaukee Public Library	Pass	4:0
3/22/2013	0	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
3/22/2013	0	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
3/21/2013	0	COMMON COUNCIL	ASSIGNED TO

Number

121673

Version

ORIGINAL

Reference

111405

Sponsor

ALD. KOVAC, HAMILTON AND COGGS

Title

Resolution authorizing the First Amendment to the East Library Purchase, Sale and Development Agreement with HSI East Library Residential, LLC for the East Library redevelopment project at 1910 East North Avenue, in the 3rd Aldermanic District.

Analysis

This resolution authorizes an amendment to an approved Purchase, Sale and Development Agreement for the City-owned East Library to allow alternate financing and other minor modifications.

Body

Whereas, By adoption of File No. 111405 on May 22, 2012, the Common Council of the City of Milwaukee authorized the East Library Purchase, Sale and Development Agreement ("Development Agreement") with HSI Properties, LLC ("HSI") for the sale and redevelopment of the City of Milwaukee ("City") East Library at 1910 East North Avenue; and

Whereas, To finance the redevelopment, HSI proposed to use a loan guarantee program of the US Department of Housing and Urban Development ("HUD") when it responded to the City's East Library Request for Proposal and the terms and timing in the approved Development Agreement was customized for the HUD program as the initial funding mechanism; and

Whereas, HSI has notified the City that it intends to pursue conventional financing rather than a HUD guarantee and requested that the approved Development Agreement be amended to permit conventional financing as the primary financing option for the project; and

Whereas, HSI, Milwaukee Public Library ("MPL") staff and the City Attorney also recommend other minor modifications to the Development Agreement to clarify the number of MPL parking spaces, modify the future number of allowed condominium units and extend the date to complete condominium documents; and

Whereas, All other terms and conditions of the original Development Agreement remain in full force and effect; and

Whereas, The First Amendment to the East Library Purchase, Sale and Development Agreement was created, a copy of which is attached to this Common Council File, and HSI East Library Residential, LLC, is the new entity created by HSI to take title to the property and to develop the project; and

Whereas, The MPL Board of Trustees has approved said First Amendment and has requested approval by the Common Council; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the First Amendment to the East Library Purchase, Sale and Development Agreement with HSI East Library Residential, LLC for the City-owned East Library at 1910 East North Avenue is approved; and, be it

Further Resolved, That the Commissioner of the Department of City Development, or designee, is authorized to execute the First Amendment to the East Library Purchase, Sale and Development Agreement with HSI East Library Residential, LLC, and to close the transaction according to the terms of the East Library Purchase, Sale and Development Agreement as amended.

Drafter

DCD/Real Estate

EMM:bmm

03/21/13/A